Bitcoin On Track To $100K, Why The Bull Cycle Could Be Just In Its Early Days

Bitcoin On Track To $100K, Why The Bull Cycle Could Be Just In Its Early Days

News

Bitcoin trades north of the $32,000 levels as the bulls regain some conviction in the daily chart. The general sentiment in the market seems more bullish, but many still warn caution until BTC’s price moves higher to a safer zone.

Bitcoin BTC BTCUSD
BTC scored some gains after testing the lows in the daily chart. Source: BTCUSD Tradingview

Bitcoin’s recent price action has left many in the dark, wondering about its next direction. Uncertainty reigns supreme. At this point, experts have been comparing different Bitcoin bull and Bear

‘ href=”https://www.newsbtc.com/dictionary/bear/”>bear

market until proven otherwise. It means long term downtrend, A downtrend that has been happening for 4 months now.

Bitcoin BTC BTCUSD
Source: Josh Rager

Pseudonym trader Daan Crypto has an opposite bias. This trader also compared Bitcoin with other cycles and believes this and other cryptocurrencies are not in a long Bear

‘ href=”https://www.newsbtc.com/dictionary/bear/”>bear

market”. After this period, the cryptocurrency should recover and made its way back to previous and new highs by the end of the year.

(…) where we do see a huge correction, after which price starts to recover and sets a new high about 4-5 months later. After that it continues for a while, until it sets the cycle high and really starts the bigger Bear

‘ href=”https://www.newsbtc.com/dictionary/bear/”>bear

period”, as the trader called.

The trader also believes that Bitcoin and its cycles dynamic could be changing. Eventually, traders and investors could see longer cycles with fewer returns.

This could be a consequence of the new capital coming into the market, its maturation, and the amount of time required to move the price around its new volumes. As evidence, Daan Crypto said:

Compare the now $1T+ market cap to the crypto market cap 10 years ago. Good luck trying to buy $1M of Bitcoin back then. While nowadays, this wouldn’t even move the market by more than a few dollars.

The trader did clarify that it’s impossible to be 100% certain on the times in BTC’s price cycles. In addition, he doesn’t rule out the possibility that Bitcoin stays in the lows for the remainder of the year.